U.S., IMF hail agreement on global minimum tax rate for large firms

The United States and the International Monetary Fund on Thursday welcomed an agreement reached by 130 countries and regions on a global minimum corporate tax rate that will help governments collect more taxes from large companies. "Today marks an important step in moving the global economy forward to be more equitable for workers and middle class families," U.S. President Joe Biden said in a statement, emphasizing that an introduction of the tax rate will prevent multinational corporations from "hiding profits" in lower-tax jurisdictions. The Organization for Economic Cooperation and Developm...